Best buy result: BBY stocks 4% despite Q4 strokes

<p>Best Buy (NYSE: BBY) earnings for the electronics retailer’s fourth quarter for the fiscal year 2020 have BBY shares down on Thursday. This is despite the reported adjusted earnings per share (EPS) of $ 2.90, beating Wall Street‘s estimates of $ 2.75. Its revenue of $ 15.2 billion also exceeds analysts’ estimates of $ 15.05 billion.

Source: BobNoah / Shutterstock.com

Let us now take a closer look at the latest report on Best Buy results.

Adjusted quarterly earnings for 6.62% higher than $ 2.72 from the same time last year. Revenue increased by 2.7% compared to $ 14.8 billion in the fourth quarter of the fiscal year 2019. Operating profit of $ 967 million is a decrease of 1.12% compared to the previous year from $ 978 million. The Best Buy earnings report also includes a net profit of $ 745 million. This is an increase of 1.36% compared to net income of $ 735 million in the same period last year.

Corie Barry, CEO of Best Buy, said this about BBY stock earnings:

“We are publishing our 12th quarter in straightforward comparable sales growth and show our strength as a successful multi-channel retailer that can meet customers whenever and wherever they want. We offered convincing holiday offers that resonated with customers and provided a seamless shopping experience, good inventory and fast and free delivery. ”

The Best Buy results report contains its guidelines for the fiscal year 2021. This expects an adjusted profit of $ 6.10 to $ 6.30 on revenue of $ 43.3 billion to $ 44.3 billion. By comparison, Wall Street estimates adjusted earnings per share at $ 6.25 on sales of $ 44.22 billion during the year.

The BBY share fell 4.22% as of Thursday afternoon.

At the time of writing, William White had no position in any of the above securities.

Article printed from InvestorPlace Media, https://investorplace.com/2020/02/best-buy-earnings-dip-bby-stock-deswide-beat/.

© 2020 InvestorPlace Media, LLC